1
QUARTERLY REPORT
CULTIVAR ETF
Schedule of InvestmentsApril 30, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
|
COMMON STOCKS |
|
|
|
|
|
|
|
|
COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
|
Comcast Corp. Class A |
|
9,088 |
|
$245,740 |
|
|
|
|
John Wiley & Sons, Inc. Class A |
|
6,900 |
|
282,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
|
Advance Auto Parts |
|
5,059 |
|
301,061 |
|
|
|
|
Lululemon Athletica, Inc. ADR(A) |
|
2,321 |
|
319,602 |
|
|
|
|
Monro, Inc. |
|
10,893 |
|
191,281 |
|
|
|
|
NIKE, Inc. |
|
8,510 |
|
377,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES |
|
|
|
|
|
|
|
|
|
Archer-Daniels-Midland Co. |
|
1,951 |
|
145,428 |
|
|
|
|
The Clorox Co. |
|
3,722 |
|
358,950 |
|
|
|
|
Dollar General Corp. |
|
3,940 |
|
456,567 |
|
|
|
|
General Mills, Inc. |
|
4,219 |
|
148,973 |
|
|
|
|
The Hershey Company |
|
3,368 |
|
625,572 |
|
|
|
|
Hormel Foods Corp. |
|
21,793 |
|
467,896 |
|
|
|
|
Ingredion, Inc. |
|
1,779 |
|
198,785 |
|
|
|
|
The JM Smucker Co. |
|
3,753 |
|
367,907 |
|
|
|
|
Kimberly-Clark Corp. |
|
5,920 |
|
582,706 |
|
|
|
|
Lamb Weston Holdings, Inc. |
|
6,635 |
|
288,954 |
|
|
|
|
McCormick & Co., Inc. |
|
9,411 |
|
478,455 |
|
|
|
|
Target Corp. |
|
1,895 |
|
245,876 |
|
|
|
|
Tyson Foods, Inc. Class A |
|
7,172 |
|
459,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY |
|
|
|
|
|
|
|
|
|
BP plc ADR |
|
7,988 |
|
378,471 |
|
|
|
|
Core Laboratories, Inc. |
|
72,099 |
|
1,056,250 |
|
|
|
|
Equinor ASA ADR |
|
8,200 |
|
334,150 |
|
|
|
|
Halliburton Co. |
|
7,953 |
|
336,412 |
|
|
|
|
|
|
|
|
|
2
QUARTERLY REPORT
CULTIVAR ETF
Schedule of Investments - continuedApril 30, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
|
FINANCIALS |
|
|
|
|
|
|
|
|
|
FactSet Research Systems, Inc. |
|
1,522 |
|
$346,377 |
|
|
|
|
Global Payments, Inc. |
|
6,532 |
|
470,043 |
|
|
|
|
Independent Bank Corp. |
|
4,270 |
|
333,017 |
|
|
|
|
Jack Henry & Associates, Inc. |
|
1,675 |
|
257,531 |
|
|
|
|
MarketAxess Holdings, Inc. |
|
10,463 |
|
1,644,679 |
|
|
|
|
PayPal Holdings, Inc. |
|
11,009 |
|
551,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTH CARE |
|
|
|
|
|
|
|
|
|
Agilent Technologies, Inc. |
|
1,301 |
|
150,331 |
|
|
|
|
Biogen, Inc.(A) |
|
2,744 |
|
519,384 |
|
|
|
|
Bio-Techne Corp. |
|
5,459 |
|
301,992 |
|
|
|
|
Bristol-Myers Squibb Co. |
|
4,099 |
|
248,358 |
|
|
|
|
CVS Health Corp. |
|
4,716 |
|
392,796 |
|
|
|
|
Edwards Lifescience Corp.(A) |
|
4,325 |
|
361,138 |
|
|
|
|
Fresenius Medical Care AG ADR |
|
12,489 |
|
281,877 |
|
|
|
|
Humana, Inc. |
|
2,473 |
|
584,716 |
|
|
|
|
Illumina, Inc.(A) |
|
3,691 |
|
467,797 |
|
|
|
|
Inogen, Inc.(A) |
|
25,066 |
|
178,219 |
|
|
|
|
Medtronic plc ADR |
|
4,958 |
|
401,449 |
|
|
|
|
Perrigo Co. plc ADR |
|
17,195 |
|
203,589 |
|
|
|
|
Pfizer, Inc. |
|
11,107 |
|
296,557 |
|
|
|
|
Regeneron Pharmaceuticals, Inc. |
|
540 |
|
381,812 |
|
|
|
|
Thermo Fisher Scientific, Inc. |
|
328 |
|
157,099 |
|
|
|
|
UnitedHealth Group, Inc. |
|
1,321 |
|
489,404 |
|
|
|
|
Veeva Systems, Inc. Class A(A) |
|
2,225 |
|
347,033 |
|
|
|
|
Zimmer Biomet Holdings |
|
4,059 |
|
334,583 |
|
|
|
|
Zoetis, Inc. |
|
3,713 |
|
426,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS |
|
|
|
|
|
|
|
|
|
Canadian National Railway Co. ADR |
|
2,936 |
|
329,214 |
|
|
|
|
Copart, Inc.(A) |
|
5,760 |
|
190,714 |
|
|
|
|
Healthcare Services Group, Inc.(A) |
|
45,609 |
|
976,489 |
|
3
QUARTERLY REPORT
CULTIVAR ETF
Schedule of Investments - continuedApril 30, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
|
|
INDUSTRIALS - continued |
|
|
|
|
|
|
|
|
Lockheed Martin Corp. |
|
424 |
|
$219,619 |
|
|
|
|
Paycom Software, Inc. |
|
3,929 |
|
498,040 |
|
|
|
|
Proto Labs, Inc.(A) |
|
11,460 |
|
742,723 |
|
|
|
|
Southwest Airlines Co. |
|
17,266 |
|
654,727 |
|
|
|
|
UPS, Inc. Class B |
|
2,212 |
|
240,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
|
|
Accenture plc Class A ADR |
|
748 |
|
133,675 |
|
|
|
|
Adobe, Inc.(A) |
|
1,969 |
|
484,571 |
|
|
|
|
Cognex Corp. |
|
3,529 |
|
195,895 |
|
|
|
|
Cognizant Tech Solutions |
|
2,406 |
|
127,277 |
|
|
|
|
Dassault Systemes S.A. ADR |
|
25,329 |
|
568,383 |
|
|
|
|
Intuit, Inc. |
|
755 |
|
293,317 |
|
|
|
|
Manhattan Associates, Inc.(A) |
|
709 |
|
97,764 |
|
|
|
|
Nice Systems Ltd. ADR(A) |
|
1,370 |
|
139,767 |
|
|
|
|
Qorvo, Inc.(A) |
|
5,989 |
|
564,284 |
|
|
|
|
Salesforce, Inc. |
|
1,034 |
|
182,532 |
|
|
|
|
Skyworks Solutions, Inc. |
|
3,648 |
|
255,980 |
|
|
|
|
STMicroelectronics NV ADR |
|
7,073 |
|
390,005 |
|
|
|
|
Tyler Technologies, Inc.(A) |
|
857 |
|
292,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS |
|
|
|
|
|
|
|
|
|
Albemarle Corp. |
|
3,996 |
|
786,013 |
|
|
|
|
Barrick Mining Corporation ADR |
|
13,372 |
|
526,054 |
|
|
|
|
FMC Corp. |
|
12,802 |
|
196,895 |
|
|
|
|
Newmont Goldcorp Corp. |
|
6,085 |
|
675,983 |
|
|
|
|
Nutrien Ltd. ADR |
|
5,574 |
|
423,624 |
|
|
|
|
Sociedad Quimica y Minera de Chile SA ADR |
|
5,551 |
|
511,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
QUARTERLY REPORT
CULTIVAR ETF
Schedule of Investments - continuedApril 30, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
|
REAL ESTATE |
|
|
|
|
|
|
|
|
|
Alexandria Real Estate Equities, Inc. REIT |
|
16,514 |
|
$668,982 |
|
|
|
|
Crown Castle, Inc. REIT |
|
1,953 |
|
173,387 |
|
|
|
|
CubeSmart REIT |
|
2,645 |
|
107,070 |
|
|
|
|
Douglas Emmett, Inc. REIT |
|
22,338 |
|
241,474 |
|
|
|
|
Empire State Realty Trust REIT |
|
18,599 |
|
103,596 |
|
|
|
|
LTC Properties, Inc. REIT |
|
4,894 |
|
187,049 |
|
|
|
|
Piedmont Office Realty Trust, Inc. REIT(A) |
|
23,942 |
|
200,155 |
|
|
|
|
Weyerhaeuser Co. REIT |
|
7,941 |
|
194,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES |
|
|
|
|
|
|
|
|
|
Eversource Energy |
|
8,756 |
|
619,049 |
|
|
|
|
Northwest Natural Holding Co. |
|
12,728 |
|
674,584 |
|
|
|
|
Portland General Electric |
|
7,824 |
|
406,300 |
|
|
|
|
The York Water Co. |
|
6,054 |
|
175,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85.76% |
|
TOTAL COMMON STOCKS |
|
|
|
|
|
|
|
|
(Cost: $32,521,918) |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Value |
|
|
|
US Treasury Bonds |
|
|
|
|
|
|
|
|
|
US Treasury 05/15/2052 2.875% |
|
$2,253,000 |
|
$1,542,964 |
|
|
|
|
US Treasury 05/15/2054 4.625% |
|
1,205,000 |
|
1,135,172 |
|
|
|
|
US Treasury Bill 06/09/2026 3.570%(B) |
|
2,140,000 |
|
2,131,688 |
|
|
12.41% |
|
TOTAL US TREASURY BONDS |
|
|
|
|
|
|
|
|
(Cost: $4,986,455) |
|
4,809,824 |
|
||
|
|
|
|
|
|
|
|
|
|
98.17% |
|
TOTAL INVESTMENTS |
|
|
|
|
|
|
|
|
(Cost: $37,508,373) |
|
38,037,197 |
|
||
|
1.83% |
|
|
709,247 |
|
|||
|
100.00% |
|
NET ASSETS |
|
$ 38,746,444
|
|
||
(A)Non-income producing.
(B)Zero coupon security. The rate shown is the yield-to-maturity on the date of April 30, 2026.
ADR - Security represented is held by the custodian in the form of American Depositary Receipts.
REIT - Real Estate Investment Trust.
5
QUARTERLY REPORT
CULTIVAR ETF
Schedule of Investments - continuedApril 30, 2026 (unaudited)
In accordance with U.S. GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following summarizes the inputs used to value the Fund’s investments as of April 30, 2026:
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
|
|
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
|
Assets |
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$33,227,373 |
|
$— |
|
$— |
|
$33,227,373 |
|
US Treasury Bonds |
|
— |
|
4,809,824 |
|
— |
|
4,809,824 |
|
|
|
$33,227,373 |
|
$4,809,824 |
|
$— |
|
$38,037,197 |
The cost of investments for Federal income tax purposes has been estimated a/o April 30, 2026 since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $37,508,373, and the related net unrealized appreciation (depreciation) consists of:
|
|
Gross unrealized appreciation |
|
$5,185,069 |
|
|
|
Gross unrealized depreciation |
|
(4,656,245 |
) |
|
|
Net unrealized appreciation |
|
$528,824 |
|